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MEDNAX Announces Acquisition of Anesthesiology Practice in Minnesota

MD | June 7, 2016

MEDNAX Announces Acquisition of Anesthesiology Practice in Minnesota

Acquires First Pediatric Ophthalmology Practice

MEDNAX, Inc. (NYSE:MD), today announced the acquisition of Northwest Anesthesia, PA, a private physician group practice based in Minneapolis, MN.

Northwest Anesthesia, established in 1974, is the first Minnesota-based practice to join the Company. The clinical care team consists of 128 full-time equivalent clinicians (37 full-time equivalent anesthesiologists and 91 full-time equivalent anesthetists) who provide services to seven Allina Health facilities, including Abbott Northwestern Hospital, the Minneapolis Heart Institute and The Mother Baby Center. In addition, Northwest Anesthesia is the exclusive provider of professional anesthesia services to several off-campus surgical centers throughout Minneapolis and other Allina Health tertiary hospitals.

Allina Health includes 13 hospitals and over 26,000 employees. Its flagship facility, Abbott Northwestern Hospital, is a major provider of surgical services, most notably in the areas of cardiology and cardiac surgery, neuroscience, high-risk obstetrics, orthopedics, integrative medicine, rehabilitation, spinal diseases and cancer prevention.

Northwest Anesthesia provides a broad range of specialty and subspecialty anesthesia services including obstetrics, general surgery, complex cardiac surgery, major spine and neurosurgery, and orthopedic surgery, as well as acute pain management services.

“We felt that MEDNAX was the best strategic partner to help us grow our practice and navigate the changes occurring in the healthcare arena,” said Steven Dentz, M.D., who will serve as medical director for the practice. “MEDNAX’s research, education and quality initiatives will strengthen our practice and allow us to demonstrate our value to our hospital partners.”

MEDNAX also today announced the acquisition of Children’s Eye Care of North Texas, PA, (CECNT) located in Plano, TX.

CECNT is a private pediatric ophthalmology practice of one physician and three full-time administrative personnel that provide services related to all aspects of visual care, including visual system development and diseases that disrupt visual development in children. The practice provides services in 15 hospital and clinic locations throughout North Texas, including Medical City Children’s Hospital, The Medical Center of Plano, Texas Health Presbyterian Hospital Plano, Baylor University Medical Center and Centennial Medical Center.

“Being part of a national medical group where we can focus more on caring for patients and less on administrative functions was critical to the decision to join MEDNAX,” said Joel Norman Leffler, M.D., who will serve as medical director for the practice. “In addition, MEDNAX’s national leadership in neonatal and pediatric care as well as the company’s deep rooted efforts to share research, education and quality best practices across the care continuum made this an ideal partnership.”

The acquisition of CECNT expands the continuum of care MEDNAX currently provides in the North Texas market with maternal-fetal, newborn nursery and pediatric subspecialty services, including neonatal, developmental, cardiac and surgical care.

These were cash transactions, and they are expected to be immediately accretive to earnings. No additional terms of the transactions were disclosed.

ABOUT MEDNAX

MEDNAX, Inc. is a national health solutions partner comprised of the nation's leading providers of physician services. Physicians and advanced practitioners practicing as part of MEDNAX are reshaping the delivery of care within their specialties and subspecialties, using evidence-based tools, continuous quality initiatives, clinical research and telemedicine to enhance patient outcomes and provide high-quality, cost-effective care. The Company was founded in 1979, and today, through its affiliated professional corporations, MEDNAX provides services through a network of more than 3,300 physicians in all 50 states and Puerto Rico. In addition to its national physician network, MEDNAX provides services to healthcare facilities and physicians in over 40 states through two complementary businesses, consisting of a revenue cycle management company and a consulting services company. Additional information is available at www.mednax.com.

Certain statements and information in this press release may be deemed to contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, and all statements, other than statements of historical facts, that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. These statements are often characterized by terminology such as “believe,” “hope,” “may,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy” and similar expressions, and are based on assumptions and assessments made by MEDNAX’s management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements in this press release are made as of the date hereof, and MEDNAX undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in MEDNAX’s most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q, including the sections entitled “Risk Factors”, as well MEDNAX’s current reports on Form 8-K, filed with the Securities and Exchange Commission.